Odfjell: Chemical Tanker Market Remains Stable
Odfjell SE has reported its results for Third Quarter 2018. The results reflect a stable chemical tanker market and stable underlying results from Odfjell Terminals when adjusting for the Rotterdam terminal.Odfjell SE reports EBITDA of USD 32 million compared with USD 37 million in the previous quarter.Highlights for the third quarter of 2018:• EBITDA of USD 27 million from Odfjell Tankers compared to USD 28 million in second quarter• ODFIX was down 2.0% for the quarter compared…
Fotland Named COO at Odfjell
Odfjell SE has appointed Harald Fotland as chief operations officer (COO), effective January 5, 2018. The Norwegian tanker shipping firm said it is introducing a COO function to ensure full integration between ship management and commercial operations. “With the new structure, Odfjell Tankers will have common and aligned goals across all functions relating to chemical tankers,” the company said. Fotland joined Odfjell as chief of staff in 2010, and in 2015 was appointed senior vice president of Odfjell Tankers.
Odfjell, Sinochem Form Chemical Tanker Pool
Odfjell SE said it has signed Framework Agreement with Sinochem Shipping Singapore Pte. Ltd whereby the Norwegian ship owner will take four vessels on long-term bareboat charter and together form a pool of eight 40,900 dwt chemical tankers. The four chemical tankers are part of Sinochem’s series of eight ordered from Hantong Wing Shipyard in China. Sinochem will retain ownership of the series’ four other vessels, which together with the bareboat vessels will form a pool managed by Odfjell SE and trading as part of the Odfjell Tankers fleet.
Odfjell Acquires Five Chemical Tankers
Odfjell SE informs it has signed a final agreement to acquire five chemical tanker newbuilds from Chemical Transportation Group, Inc (CTG) and form a pool of 15 chemical tankers. The transaction has been signed and completed, Odfjell said, after it announced on June 16 that it inked a term sheet with CTG to form the vessel pool and acquire CTG’s final five 25,000 dwt stainless steel newbuilds on order from Chinese shipyard AVIC Dingheng. Odfjell said it will pay $40 million per vessel upon delivery from shipyard.
Odfjell Buys 5 Chemical Tanker Newbuilds
Odfjell SE informs it has signed a term sheet with Chemical Transportation Group, Inc (CTG) whereby Odfjell will acquire the last five of a total newbuilding order of 10 25,000 dwt vessels with 24 stainless steel tanks from Chinese ship builder AVIC Dingheng. CTG will continue to own five vessels which will be placed in a pool commercially managed by Odfjell Tankers AS. The vessels will, together with Odfjell's current fleet of five 25,000 dwt vessels and the five vessels acquired by Odfjell, form a pool for 15 25,000 dwt chemical tankers. The vessels acquired by Odfjell will be bought at $40 million per vessel upon delivery from yard, and are scheduled for delivery from June 2017 through May 2018.
Odfjell Buys Secondhand Chemical Tanker
Oslo listed shipping firm Odfjell SE said it has purchased a secondhand stainless steel chemical tanker for $25.5 million. The M/T Argent Eyebright, built in 2009 by Kitanihon Shipbuilding in Japan, has 16 stainless steel tanks. On short term time charter to Odfjell Tankers since January 2017, Argent Eyebright will be renamed and put under NIS flag after closing the transaction end of June.
Odfjell Returns to Profit
Odfjell SE today reported preliminary full year and Q4 2016 results, showing improvement in financial performance in 2016 in spite of challenging markets. Efficiency programs continue to increase competitiveness, and the balance sheet is substantially strengthened. For the full year, Odfjell reports net results of USD 100 million, compared with net results of USD -36 million in 2015, and improved full year EBITDA to USD 238 million, from USD 190 million in 2015. The Q4 results show stable underlying operational performance…
Odfjell SVP Olsen Steps Down
Norway based shipping and tank terminal company Odfjell SE said its Senior Vice President Helge Olsen will step down from his role as Head of Ship Management, effective January 9, 2017. Olsen, who has been with the company since 2000, holds no Odfjell shares or options. Harald Fotland, SVP Odfjell Tankers, has been appointed to temporarily cover the position as SVP Ship Management until Olsen’s successor is in place.
New Head for Odfjell Tankers
Odfjell announced it has appointed Senior Vice President Harald Fotland to new Head of Odfjell Tankers. Fotland comes from the position as SVP/Chief of Staff and has for the past 18 months also been responsible for the cost-cutting and efficiency program in Odfjell. He succeeeds the shipper's previous head of tankers, Morten Nystad, who stepped down from his position in July. The company also appointed Vice President Arild Viste to Global Head of Tanker Trading in Odfjell Tankers. Viste comes from the position as Vice President for Commercial Development.
Odfjell Tankers Head Steps Down
Morten Nystad will step down as senior vice president of Odfjell Tankers after 35 years with the company. His departure is effective immediately. Nystad has held various management positions during his tenure at Odfjell, serving within the company’s chartering department in Bergen and other locations. Nystad’s exit follows the departure of president and CEO Jan A. Hammer in December 2014 “due to different views on the strategic direction for the company”. Hammer was replaced by interim president and CEO Tore Jakobsen, who will be succeeded by Kristian Verner Mørch from August 1, 2015.
Stolt Acquires Three Ships for European Fleet
Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers, are expected to join the Stolt-Nielsen Inter-Europe Service by the end of August 2015. Further terms of the transaction were not disclosed. Commenting on the purchase, Hans P. Feringa, President of Stolt Tankers, said, "We are pleased to have acquired these well priced, high quality assets, which enhance the scale efficiency of our fleet of European regional parcel tankers. The three ships are highly specialised, with 20 duplex stainless steel tanks, ICE class 1A and fitted with nitrogen generators.
Stolt Tankers Buys Three Ships
Stolt-Nielsen Limited (Oslo Bors: SNI) announced that Stolt Tankers B.V. has agreed to acquire three 5,800 dwt fully stainless steel parcel tankers from Odfjell Tankers AS. The ships, which were built in 1997-1998 and are sister ships of three tankers currently operated by Stolt Tankers, are expected to join the Stolt-Nielsen Inter-Europe Service by the end of August 2015. Further terms of the transaction were not disclosed. Commenting on the purchase, Hans P. Feringa, President of Stolt Tankers…
Fuel-saving Upgrades for 11 Odfjell Tankers
MAN Diesel & Turbo’s Propeller & Aft Ship organization has won an order to retrofit and upgrade a series of 11 × 37,500 dwt vessels from the Odfjell chemical tanker fleet. The vessels are of the Kværner Class and are due to dock during 2015-17, at which time the upgrades will be implemented. The first vessel, M/T Bow Clipper, will dock and be upgraded in August 2015. Each vessel has an MAN B&W two-stroke engine powering a four-bladed, controllable-pitch propeller and a PTO-driven shaft alternator.
Upgrade Packages Ordered for Odfjell Tankers
MAN Diesel & Turbo’s Propeller & Aft Ship organisation has won an order to retrofit and upgrade a series of 11 × 37,500 dwt vessels from the Odfjell chemical tanker fleet. The vessels are of the Kværner Class and are due to dock during 2015-17, at which time the upgrades will be implemented. The first vessel, ‘M/T Bow Clipper’, will dock and be upgraded in August 2015. Each vessel has an MAN B&W two-stroke engine powering a four-bladed, controllable-pitch propeller and a PTO-driven shaft alternator.
AWT Launches GlobalView Fleet Management 2.0
Applied Weather Technology, Inc. (AWT), released GlobalView 2.0, a new version of its fleet management system featuring port forecasts, tide data, tools for customization and direct access to bunker pricing. The new version also includes improved safety features including global ice concentrations and spot forecasts with the latest weather and wave conditions. In addition, fleet managers can now view the voyage tracks of captains using AWT’s BVS onboard system in GlobalView. “GlobalView 2.0 makes it easier to plan fuel efficient voyages by offering access to additional data in one place…
Odfjell SE, Crystal Pool Form Joint Venture
Odfjell announced the formation of Odfjell Euroceanica As, a 50/50 Joint Venture between Odfjell SE and Euroceanica Ltd. The J/V will trade all vessels currently operated by Crystal Pool and Odfjell Europe in the European short sea market. The new Crystal Pool set-up will open up for possibilities to offer combined services from Baltic to and from the Mediterranean, and give extensive world-wide coverage via the global presence and services of Odfjell Tankers. Existing contracts and commitments with all respective customers will remain unchanged. The new J/V looks forward to starting renewal dialogues of existing contracts as well as discussing new contracts and commitments for 2012 and beyond.
Meeting Quantity And Quality Challenge Remains Priority For Shipping Industry
OW Bunker, one of the world’s leading suppliers and traders of marine fuel oil, highlighted today the impact that mass flow meters can have in solving the ‘quantity issue’ and demonstrated the steps that it is taking to ensure product quality in an event attended by key customers including DFDS, Maersk Oil, Odfjell Tankers, U-Sea Bulk, Grieg Star Shipping and Torvald Klaveness Group. The event, which took place in Copenhagen, invited over 100 customers and industry opinion formers to see a live demonstration…
Odfjell Charters from Nat’l Chemical Carriers
Effective 1 February, Odfjell has entered into an agreement with its Saudi-Arabian partner National Chemical Carriers Ltd. Co (NCC) to bare-boat charter their three 37,000 stainless steel parcel tankers for ten years with purchase options after three years. The three ships are NCC Jubail (1996), NCC Mekka (1995) and NCC Riyad (1995). The ships will continue to be operated by Odfjell Tankers in global trades. Odfjell Ship Management will continue to be responsible for crewing and technical management, and the ships will remain in the Norwegian International Ship Register. Furthermore, Odfjell has entered into three to six years time-charters for three ships that until recently were owned by National Chemical Carriers Ltd. Co.
Odfjell – Sale & Leaseback of Ship
On Nov. 6, Odfjell sold MT Bow Sky with a net gain of $32m. Odfjell has been working on ways of strengthening their equity since the Norwegian retroactive tax was imposed last year. This process has been hindered by the impact of the financial crises. Despite the difficult financial markets, Odfjell announced the sale of MT Bow Sky(40,005dwt/built 2005) with an eleven year charter back. The transaction is entered into with a subsidiary of nabCapital, the institutional banking and capital markets division of National Australia Bank Limited. The ship will be delivered to its new owner in November. The ship will continue in the Odfjell Tankers Pool and will continue to be managed by Odfjell. (www.odfjell.com)
Sperry Marine to Supply New Radars for Odfjell Tankers
Northrop Grumman Corporation signed a contract with Norwegian shipowner Odfjell ASA to install new radars and other navigation systems on its fleet of parcel tankers. The equipment will be supplied and installed by Northrop Grumman’s Sperry Marine business unit through its worldwide network of service locations. Initial orders under the contract have been placed for 20 Sperry Marine VisionMaster FT radars to be fitted on ten Odfjell ships. The contract also provides options for additional radar purchases for other ships in the fleet, as well as orders for retrofit of simplified voyage data recorders and electronic chart display and information systems on existing ships.